Texas executives can't wait for the end of Obama's 'disastrous socialist policies'

Overall business activity in Texas turned positive in
November for the first time since December 2014, according to the
Dallas Federal Reserve.

In the first monthly survey since the US election, the headline
index that gauges general activity in the sector jumped to 10.2.
Economists had forecast that the index rose to 1.5 from -1.5 in
October.

The downturn in Texas has mostly been due to the oil-price crash,
which hurt the energy producers and their clients.

Like
consumers across the US, business leaders in Texas expressed
relief that the election was over. Specifically, some
respondents were pleased that Donald Trump won, and they looked
forward to economic growth in 2017 as the president-elect is
expected to have a "new pro-growth and lower-tax
focus."

"We are looking forward to the end of the disastrous
socialist policies of the last eight years," one person
said. "Please reduce the regulation, taxes and government
interference so we can compete globally."

"Our manufacturing is being attacked more strongly than in the
past by competition in Asia-Pacific," said an executive in the
transportation equipment manufacturing business.

"Specifically, China, India and South Korea have undercut our
domestic prices by over 30 percent on most comparable
products. We expect the election to improve confidence in
the economy with above average growth."

The sub-index for production was positive for a fifth straight
month, as new orders improved and factories found more use for
their available capacity.